How the U.S. has used tariffs throughout history — and why Trump is different, economists say

Published On Feb 6, 2025, 9:13 AM

The article discusses the historical context and implications of tariffs in U.S. trade policy, specifically focusing on President Donald Trump's recent broad tariffs on China and potential impact on other trading partners. It elaborates on the three main purposes of tariffs—revenue generation for the government, import restrictions to protect domestic industries, and as bargaining tools in negotiations with other countries. Trump's approach stands out as unusual, as he employs tariffs across the board rather than targeting specific industries, raising concerns about their effectiveness in achieving all three goals simultaneously. The article warns that imposing broad tariffs may hinder revenue collection by reducing import volumes.